Aluminium Price | Price Trend | Price Index

Aluminium prices closed higher by 0.09 per cent on Wednesday at the Multi Commodity Exchange (MCX) after China resumed its stockpiling programme to asset smelters hit by sluggish demand and low prices.

China's State Reserves Bureau (SRB) announced that it will start buying aluminum of around 400,000 tons from domestic smelters to resume stockpiles.

Aluminium futures for November 2012 contract, at MCX, closed at Rs. 107.65 per kg, up by 0.09 per cent after opening at Rs. 107.95 against the previous closing price of Rs. 107.55. It touched the intra-day high of Rs. 109.60.

Moreover, a weaker dollar makes aluminium cheaper for those holding other currencies, thus increasing demand. The U.S. dollar index, a measure of the value of the United States dollar relative to a basket of foreign currencies, closed 0.05 per cent lower at 81.100 on the Inter-Continental Exchange (ICE). 

Currently, India is the fifth largest producer of aluminium in the world with a production capacity of 1.6 million MT per annum. Aluminium prices in India are fixed on the basis of the rates that rule on the international spot market. [Via]

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